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Apple Inc. (AAPL) Fell Sharply On IPhone 5 News

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Apple Inc. (AAPL: Quote) is said to have cut its orders with LCD panel suppliers for the iPhone 5 for the 2013 first quarter by nearly 50% owing to weak demand. The tech giant also reportedly trimmed orders for other screen sizes as well. Further, the company is reportedly dialing down its orders for components other than screens.

Apple gapped open sharply lower Monday, but traded in a range throughout the session. The stock finished down by 18.55 at $501.75 and closed testing the lower end of over a 2-month range.

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by RTT Staff Writer

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